On Demand Audio

Forms of Business Organization (Update)

(839 reviews)

Produced on November 21, 2017

Taught by
$ 59 Tax, Business, Corporate, & Securities, and Law Practice Management In Stock
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Course Information

Time 1h 1m
Difficulty Beginner

Course Description

Choosing a business structure today is not as simple as just choosing to be incorporated or not. Currently there are a plethora of business structures available each with its own advantages and disadvantages to the owner and thus taxpayer. 

In this course, attorney and CPA Roman Basi guides attorneys and accountants through the six principal forms of business organization, discussing everything from Sole Proprietorships and LLC's to the Series LLC and Subchapter S Corporations. This program is a must-see for attorneys and accountants alike who want to learn more about various types of business entities and the different legal and accounting methods each one utilizes.

Learning Objectives:

  1. Recognize the myriad forms of business organization
  2. Identify how to start a sole proprietorship
  3. Maintain a general partnership
  4. Appreciate the function of a limited liability company
  5. Introduce the Series LLC, the new kid on the business block
  6. Define the different stock classes available in Subchapter C Corporations
  7. Foresee where the liability falls in a Subchapter S Corporation

Credit Information

After completing this course, Lawline will report your attendance information to {{ accredMasterState.state.name }}. Please ensure your license number is filled out in your profile to ensure timely reporting. For more information, see our {{ accredMasterState.state.name }} CLE Requirements page . After completing this course, {{ accredMasterState.state.name }} attorneys self-report their attendance and CLE compliance. For more information on how to report your CLE courses, see our {{ accredMasterState.state.name }} CLE Requirements FAQ .


Roman Basi

The Center for Financial, Legal & Tax Planning, Inc.

Roman Basi, raised in Southern Illinois, began his working career at a young age umpiring little league base-ball games. He spent his teenage and college years working for his father’s varied business interests. These experiences helped develop his future interest in helping small business owners fulfill their business and succession plans.

He graduated from Millikin University obtaining a Bachelor’s of Science Degree with a minor in Psychology. After receiving his degree, he continued his studies earning an MBA from Southern Illinois University with an emphasis in Accounting. He continued on to law school receiving his JD (law degree) from Southern Illinois University. He is a licensed attorney in Illinois, Missouri, Florida and Arizona. Roman is also admitted to the United States District Court for the Southern District of Illinois, the United States Court of Appeals for the 7th Circuit, and admitted to practice in the United States Supreme Court.

Roman is also a licensed Certified Public Accountant (CPA). Roman is also a licensed Managing Real Estate Broker in Illinois with Heartland Realty & Rentals, Inc., a licensed Real Estate Sales Associate in Florida, a licensed Title Insurance Agent with ATG Fund, Inc. and a licensed Private Pilot with an Instrument Rating.

Over the past several years, Roman has worked on many business transactions and has lectured to various regional and national audiences throughout the country, including extensive work in the continuing education field for Attorneys and CPA’s as well as providing the education necessary for the Voluntary Tax Return Preparer Registry with the IRS. From these venues he has personally met and worked with business owners through-out the United States. He is President of The Center for Financial, Legal & Tax Planning, Inc. (DBA Basi, Basi & Associates) and is in high demand by business owners for his expertise in financial, legal and tax matters.

Roman has been published in the following publications: The Illinois State Bar Association Section on Federal Taxation, Productivity, Agency Sales, Industrial Distribution, Supply House Times, Distributor Link and the I.D.A. Management Journal.

Roman enjoys working with his father and with their national clientele. He is responsible for many of the legal contracts produced by The Center for Financial, Legal & Tax Planning, Inc. His areas of expertise include mergers and acquisitions, contracts, real estate law, tax and estate planning.

Roman is very active in his local community and is a member of numerous associations, and Boards of Directors and has served on various committees. He currently serves on the International Business Brokers Association Education Committee. He participates in the Illinois Department of Transportation Adopt-A-Highway Program. Roman is also a current member of the Arizona, Florida, Illinois and Missouri Bar Associations, the American Institute of CPA’s (AICPA) as well as a past member of the National, Illinois, Florida, Sarasota and Egyptian Boards of Realtors. He has previously served as a member on the Illinois State Bar Association’s Federal Taxation Section Council Committee, Director for the Illinois Association of Realtors, Officer and two term President for the Egyptian Board of Realtors, Director for the Marion, Illinois Chamber of Commerce, and volunteer for the Women’s Center of Carbondale, Illinois.

Roman and Brandi, his wife of 20 years, have two children: Marissa (18) and Alexis (16). They reside in Marion, Illinois. He enjoys spending time with his wife, attending his daughters’ various activities, playing golf, flying a 1982 Piper Saratoga and is an avid St. Louis Cardinals’ and Tennessee Titans fan.


Carl A. L.

Great Information for what to look for and avoid when counseling a client for their form of business!!

Robert C.

This course provides a thorough overview of the various forms of business organizations and their respective advantages and disadvantages. Very useful to a general practitioner.

Daniel M.

Good information on c election and series LLC

Ramune Rita K.

Super presentation! I learned a lot about tax consequences that I never knew before. Highly recommend.

Joseph M.

Good program

Richard K.


Robert M.

Great speaker, great information.

Anthony B.


Linda C.

I keep coming back to courses offered by both Roman and Bart Basi. Great content!

Paul K.


Heather C.

Excellent refresher - great, clear presentation with excellent illustrations. Thank you!

Jeff B.

Great course! Thank you!

Patti E.



The lecturer provided me with detailed information on forms of business organizations.

Paul D.

Thank you!

Bettye C.

Detailed and informative information presented.

Tracy W.

Excellent presentation!

N. Theodore Zink, Jr. Z.

Roman clearly has command of the material.

Daniel S.

Very solid.

lawrence r.

very knowledgeable presenter

Leslie W.

Very knowledgeable presenter!

Tobias P.

I learned a few new things about business organization for my own practice. It was well worth the time.

William D.

Well done.

Edward J.

well presented and thorough.

Laurie K.

This is excellent. I plan to recommend this to all of the attorneys in our firm.

James T.

Excellent speaker.

Janelle W.

Good presenter. Lots of practice tips.

Shauna H.

Amazing program

Jacqueline K.

Very practical advice. Super clear presentation.

Donald R.

Great course.

Gerard F.

Excellent overview

Leland H.

very good

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